Inturn, an inventory solution company, announced a $22.5 million Series B financing round led by B Capital Group, an investment firm founded by Facebook co-founder Eduardo Saverin and Raj Ganguly.
The investment will fund the global growth of Inturn, the company said. Terms of the deal were not disclosed.
Inturn has raised $36 million to date through its line of investors, which include Beanstalk Ventures, Novel TMT Ventures, the technology investment arm of Silas Chou and his family, Forerunner Ventures, Lerer Hippeau Ventures, Benvolio Group, the investment arm of Lew Frankfort, chairman emeritus of Coach, and his family, and Shuco LLC, an investment arm of Stanley S. Shuman. All of these investors are participants in this latest round.
Inturn’s B2B online platform enables brands and retailers to streamline the management process of buying and selling excess inventory. The company’s network spans across 40 countries worldwide and said it holds an estimated $500 million of product immediately available for purchase via its platform through “privately controlled offerings.” Inturn claims it was the first solution of its kind to enable brands and retailers to integrate automated tools for inventory process management in lieu of manually inputting data.
The company said buyers using Inturn’s solution have bought up to 25 percent more units and spent 80 percent less time evaluating and purchasing inventory. Its proprietary platform marries workflow optimization, liquidity and intelligence to streamline inventory processes for brands and retailers.
Raj Ganguly, co-founder and partner of B Capital Group, said, “It’s rare to find a company transforming an industry at the scale and adoption rate that Inturn is across both large and small businesses.” Ganguly said he looks forward to Inturn’s “further geographic expansion across all retail categories.” Bryan Ciambella, principal, B Capital Group, added, “It’s incredible to watch buyers and sellers thoughtfully improve their businesses using Inturn’s platform. Inturn is proving to be essential to retail success.”
Ronen Lazar, a co-founder and chief executive officer of Inturn, said, “B Capital and its partners The Boston Consulting Group bring deep retail technology expertise and the widest global network, which is already accelerating our expansion. He added, “This is a strong signal to the entire industry that innovation to the management and monetization of inventory is critical in this evolving market.”